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Treasury Technology
Published  3 MIN READ

Changing the Rules: Redefining MMF Workflows at Drax

Turn the clock back to 2018 and manually transferring money market fund trade data between systems was taking up too much of Drax’s treasury team’s valuable time. Fast forward to today and straight-through processing of data has been achieved thanks to an exemplary implementation of ICD Portal, worthy of TMI’s 2019 Corporate Recognition Award for Best Portal Technology.

Based in the United Kingdom, Drax Group, is a leading UK energy company that is working towards enabling a zero-carbon, lower-cost energy future. In fact, Drax is the first company in the world to announce its ambition to become carbon negative by 2030.

In the spirit of operating at the cutting edge, Drax’s treasury team needed to find a new money market fund (MMF) portal solution to improve their control environment, streamline their workflow and automate their manual processes. In their previous process, after completing trades on the portal, they had to manually key in trades and other data into their treasury management system (TMS), Reval. This manual process created a risk of human errors and process inefficiency.

After carefully researching portal providers, Drax made the decision to move to ICD Portal. The biggest driver behind this decision was the fact that ICD was the only portal that had the ability to provide a full straight-through processing (STP) integration with Drax’s existing Reval TMS. Nevertheless, the Drax team was also impressed by ICD’s dedication to its clients and ability to adapt to the ever-changing regulatory landscape. Moreover, the fact that the ICD Portal offered an extensive selection of investment products, seamless integration, proprietary trading technology, comprehensive reporting, and investment risk management at no extra cost, was directly in line with what Drax was looking for.